October 16, 2024

The Appetizer

“Maybe play some golf.”

• WNBA Rookie of the Year Caitlin Clark when asked what her offseason plans were. Clark is expected to golf at the LPGA pro-am at The Annika in November.

Now, on to the numbers. Drum roll, please …

• 2: The increase in number of hours between 2003 and 2022 that people between the ages of 15 and 34 spent at home.
• $1.834 trillion: The size of the U.S. federal deficit last fiscal year, the biggest annual deficit in three years.
• Under $30,000: The expected retail price of Tesla’s Cybercab (robotaxi) concept vehicle, according to Elon Musk.
• 1,525: The number of Spirit Halloween stores that will open in the U.S. and Canada this year, a new record.
• 17.4%: The percentage of American car buyers that signed up for monthly car loan payments of at least $1,000 per month in the past quarter.

Dig In
Indices You Need to Know

Equity markets are strong, with the S&P 500 having enjoyed its best September in 11 years and boasting a return of over 20% year to date. But let’s talk quirky indices that can perhaps also give us an insight into the economy.

Indices aren’t just numbers, they’re ways to measure and track various aspects of the economy. Take the Tooth Fairy Index, for example – it provides a fun glimpse into economic confidence. If parents are feeling good about the economy, their kid might find a $20 bill under the pillow, or not so good and only slide a Washington. Then there’s a Cardboard Box Indicator – more boxes shipping out means more business activity!

And yes, there’s even a Big Mac index. But perhaps one of the more interesting ones is the Waffle House index. It’s become the go-to for gauging hurricane damage in the South – the more Waffle Houses that shut down, the worse the storm. If you’ve ever been to one, you know it takes a lot to close those doors! With the recent hurricane season, we hope this index stays as low as possible.

While the S&P 500 is great and all, these offbeat indices remind us that sometimes, the economy shows up in unexpected – and sometimes entertaining – ways.

Weekly Specials

Canadian photojournalist Shane Gross just snagged the title of Wildlife Photographer of the Year, and his winning shots are incredible. “The Swarm of Life” was chosen from 59,228 entries – it’s a photo of western toad tadpoles swimming. I wonder if he used an iPhone camera for that.

In August, 8,900 candidates took the Level II CFA exam (which tests multiple topics in investment and wealth management), but only 47% passed, compared to a 59% pass rate in May. That’s quite the drop!

It’s not every day you hear about a father and son teaming up on the same professional sports team, but LeBron James and his son, Bronny, made it happen. LeBron said playing with Bronny felt like being in “The Matrix,” calling it surreal.

Robotaxis – Tesla’s self-driving answer to Uber – are here, but people aren’t entirely sold. Nearly two-thirds of Americans say they wouldn’t hop into a driverless vehicle even if given the chance.

Corporate Lunch

Too many fries! Lamb Weston had to close a fry production plant in Washington state as fast-food chains are learning about the substitution effect the hard way.

It’s not me, it’s you: The Department of Justice is considering breaking up Google as an antitrust remedy.

Bad timing for this story but, Google is looking to take over tutoring with an AI research assistant. NotebookLM will crunch your textbooks to create podcast-style conversations to explain the sources.

Spirit Halloween will be converting some locations to Spirit Christmas stores after the fall. The Nightmare Before Christmas items can stay for both holidays. Is this a 4D chess move?

Home Depot is having all of its corporate employees put on the orange apron and work one eight-hour retail shift every quarter to “truly understand the challenges and opportunities our store associates face every day.” Great idea! Keep them off the forklift though.

Zillow has added climate risk data to home listings to help better inform buyers about the risk of flooding or wildfire on the property.

Disneyland is establishing its own surge pricing-esque ticket price structure, raising costs for its highest-demand days.

Diversification does not ensure a profit or protect against loss.

Indices are unmanaged and are not available for direct investment.

The S&P 500 Index is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market.

Past performance is not indicative of future results.